6. Leases

Effective January 1, 2019, the Company adopted ASC 842, Leases. This standard requires the Company to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. The Company accounts for an option to extend a lease when the option is reasonably certain to be exercised. The asset reflects the present value of unpaid lease payments coupled with initial direct costs, prepaid lease payments and lease incentives. The amount of the lease liability is calculated as the present value of unpaid lease payments. The Company adopted ASC 842 using a modified retrospective approach and did not restate comparative periods. The Company elected to take the package of practical expedients allowing the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has elected to account for nonlease components in a contract as part of the single lease component to which they are related.

Significant assumptions and judgements in calculating the right-of-use assets and lease liability include the determination of the applicable borrowing rate for each lease.

On January 1, 2019, upon the adoption of ASC 842, the Company recorded, for office space and data center leases in the U.S. and U.K., right-of-use assets of $34.8 million, lease liabilities of $39.6 million and eliminated deferred rent of $4.9 million. The leases have initial lease terms ranging from three to 11 years.

Activity related to the Company's leases for the three and nine months ended September 30, 2019 is as follows (in thousands):


	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2019		2019
Operating lease expense	$	2,580	$	7,727
Cash for amounts included in the measurement of operating liability	$	2,823	$	8,460
Right-of-use assets obtained in exchange for operating liabilities	$	—	$	—

At September 30, 2019, the weighted average borrowing rate and weighted average lease term are as follows:


	Amount
Weighted average borrowing rate	2.9	%
Weighted average remaining lease term (years)	5.9

The following table presents the maturity of lease liabilities as of September 30, 2019 (in thousands):


	Amount
Remainder of 2019	$	2,980
2020		8,322
2021		5,801
2022		4,049
2023		3,860
Thereafter		11,121
Total future minimum lease payments		36,133
Less imputed interest		(3,003)
Lease liability	$	33,130

At December 31, 2018, the future minimum lease payments were as follows (in thousands):


	Amount
2019	$	11,393
2020		7,580
2021		5,317
2022		4,051
2023		3,877
Thereafter		11,156
Total	$	43,374

One U.S. lease is secured by a letter of credit in the amount of $1.2 million, which is guaranteed by Refinitiv.